OPINON: Senate Bill 4 threatens New Mexico's economic future

As the president and CEO of the Albuquerque Hispano Chamber of Commerce, I stand united with business leaders across New Mexico in expressing grave concerns over Senate Bill 4 (SB4), the Clear Horizons and Greenhouse Gas Emissions Act. This legislation poses significant threats to economic diversification, job growth and the well-being of our most vulnerable communities, including small businesses. I urge lawmakers to vote “no” on SB4 to safeguard the future of New Mexico’s economy and its residents.

SB4 will drive economic development to neighboring states like Texas and Oklahoma, severely limiting job growth and diversification opportunities for New Mexicans. Key industries, including agriculture, transportation, housing and hospitality will be disproportionately affected by the bill’s unrealistic emissions standards, which limit greenhouse gas emissions to at least 45% less than 2005 levels by 2030, at least 75% less than 2005 levels by 2030, and 100% less than 2005 levels by 2050.

These standards are not achievable within the proposed timelines and will force companies out of compliance and out of New Mexico, thereby exacerbating economic disparities.

New Mexico businesses are already making significant strides in addressing climate change by reducing emissions and working toward electrifying their operations. The goals of the Energy Transition Act, which has already been signed into law, remain challenging due to the state’s lack of electric capacity and grid modernization. Full electrification of many industries cannot be achieved within the bill’s timeline, placing an undue burden on businesses and communities striving to comply.

New Mexico’s advanced manufacturing sector, which includes electronics and semiconductors, is a cornerstone of our economy. With over 180,000 experienced employees, this sector ranks second in high-tech jobs and 10th in workforce training. SB4’s regulations will negatively impact these careers and the state’s national laboratories and higher education institutions with which they partner. The bill will hinder the production of essential products that diversify our economy and are primarily exported to countries like Mexico, China, Malaysia, Vietnam and South Korea.

New Mexico is a top producer of pecans, chiles, milk, cheese and onions, with roughly 17,600 family-owned farms and over 1 million head of cattle. SB4’s effects on the agriculture industry will devastate this traditional sector, making it even more challenging for farmers to access international markets. This will disproportionately impact rural and agricultural communities already facing significant economic challenges.

SB4 will lead to higher costs of living, similar to regulations in states like Colorado and California, as such regulations have resulted in significant increases in the cost of propane, electricity, natural gas and transportation fuels. As companies work to comply with stringent standards, these expenses will be passed onto consumers, forcing New Mexico’s most vulnerable populations to choose among basic necessities, like food, health care or rent.

I urge lawmakers to vote against SB4 and consider the long-term challenges this bill will create for our residents and economy.